The Pennies Drop for Santos’ Recent Largesse
No wonder Santos changed its payout policy and announced a $US250 million buyback this week - the company’s March quarterly report revealed record revenue of $US1.9 billion.
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Santos is an Australian energy pioneer. We have safely and sustainably discovered, developed and delivered natural gas to the people of Australia and Asia for more than 60 years.
With origins in the Cooper Basin, Santos has one of the largest exploration and production acreages in Australia and extensive infrastructure. Our strategy is centred on five core, long-life natural gas and LNG assets. These assets support our aim to be a leading Australian domestic gas supplier and a major LNG exporter supplying clean energy to Asia.
As an Australian owned and operated business, we work in partnership with local communities, governments and our business partners to make natural gas an affordable and reliable energy solution for all Australians.
No wonder Santos changed its payout policy and announced a $US250 million buyback this week - the company’s March quarterly report revealed record revenue of $US1.9 billion.
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Santos says investors are undervaluing the company in the wake of last year’s takeover of Oil Search and will conduct a $US250 million share buyback to try and set things right.
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Shares in Carnarvon Energy surged Wednesday on news of a significant discovery at the Pavo-1 oil well off the WA coast it part owns with energy major Santos.
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Oil and gas producer / exporter Santos more than tripled full-year profit in the 2021 financial year as it rode the crisis-driven 50%-plus surge in global energy commodity prices.
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The global LNG boom and energy shortage in Europe and China over the last half of 2021 saw energy majors Santos and Woodside report strong fourth quarters on Thursday.
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Price target remains at $10.40. Overweight.
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Morgans maintains its Add rating and suggests a large share price discount still exists with the potential for many positive catalysts in 2022. The target price rises to $9.15 from $8.65.
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The Overweight rating and $10.20 target price are unchanged.
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The Overweight rating and target price of $8.60 are retained.
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